Gold and Silver price:
Gold is a popular investment option because it functions as a hedge against inflation. It is typically traded in the form of bars, coins, and jewelry.On Saturday, gold prices rose by Re 1. One gram of 22K gold costs $5,471 now, according to the website Goodreturns. The term ‘K’ or carat is used to describe the purity of gold. Because 24K gold is 99.9% pure, it is referred to as pure gold. It exists as a liquid and contains no traces of other metals.
A 22K gold, on the other hand, has traces of other metals such as copper and zinc and is used to produce jewelry.
The gold and silver prices for key cities on September 16, 2023 are shown below.
Gold is a popular investment option because it functions as a hedge against inflation. It is typically traded in the form of bars, coins, and jewelry. The price of gold in India is determined by numerous factors, including currency, worldwide demand, interest rates, and government regulations. If the Indian rupee falls against the US dollar, gold will become more expensive.
| CITY | 22K GOLD PRICES (Rs/10 GM) | 24K GOLD PRICES (Rs/10 GM) |
|---|---|---|
| DELHI | 54,860 | 59.830 |
| MUMBAI | 54,710 | 59,680 |
| CHENNAI | 55,010 | 60,010 |
| KOLKATA | 54,710 | 59,680 |
| BENGALURU | 54,710 | 59,680 |
Gold prices are also affected by international variables such as global economic development, dollar strength against other currencies, and so on. Another key factor is the precious metal’s demand. Prices will decline if demand for gold is not strong.
Silver price
On Saturday, the price of silver remained steady. According to the website Goodreturns, the price of one gram of silver was $74. Silver is always in high demand in India’s jewelry sector. Because of the high demand for silver, its availability is dwindling.
According to the website Goodreturns, 10 grams of silver cost $740 in Delhi, Mumbai, and Kolkata. On the other hand, precious metal prices in Bengaluru and Chennai were 735 per 10 gm and 775 per 10 gm, respectively.
